NioCorp Developments (NASDAQ:NB) Stock Rating Upgraded by Zacks Research

NioCorp Developments (NASDAQ:NB) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

A number of other brokerages also recently commented on NB. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday. Wall Street Zen upgraded NioCorp Developments from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Finally, Jefferies Financial Group started coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.85.

NioCorp Developments Stock Performance

NASDAQ:NB opened at $3.26 on Wednesday. NioCorp Developments has a 52 week low of $3.03 and a 52 week high of $9.98. The firm has a 50-day moving average price of $4.00 and a two-hundred day moving average price of $4.74. The firm has a market cap of $474.62 million, a price-to-earnings ratio of -6.04 and a beta of 0.28.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. As a group, sell-side analysts forecast that NioCorp Developments will post -0.28 earnings per share for the current year.

Institutional Trading of NioCorp Developments

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in NioCorp Developments in the second quarter valued at about $1,988,000. Gratia Capital LLC bought a new stake in shares of NioCorp Developments in the 2nd quarter worth approximately $1,976,000. Swiss National Bank raised its holdings in shares of NioCorp Developments by 30.0% in the 1st quarter. Swiss National Bank now owns 287,500 shares of the company’s stock worth $1,282,000 after purchasing an additional 66,300 shares during the period. Quantinno Capital Management LP bought a new stake in shares of NioCorp Developments in the 1st quarter worth approximately $694,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in NioCorp Developments in the first quarter valued at approximately $535,000. Institutional investors own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp’s planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.